Crude Oil fell to 65.98 USD/Bbl on June 24, 2025, down 3.70% from the previous day. Over the past month, Crude Oil's price has risen 8.36%, but it is still 18.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on June of 2025.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Heating Oil fell to 2.27 USD/Gal on June 24, 2025, down 0.28% from the previous day. Over the past month, Heating Oil's price has risen 8.56%, but it is still 9.44% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on June of 2025.

Brent fell to 68.02 USD/Bbl on June 24, 2025, down 4.84% from the previous day. Over the past month, Brent's price has risen 5.42%, but it is still 19.23% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on June of 2025.

Discover Petrobras's strategic confidence in navigating potential oil price declines, backed by its strong presence in China and India.

Palm Oil fell to 4,120 MYR/T on June 24, 2025, down 0.12% from the previous day. Over the past month, Palm Oil's price has risen 7.60%, and is up 6.85% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on June of 2025.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Oil-dependent nations face financial strain as crude prices drop. Learn how countries are adapting to economic challenges with policy changes and fiscal adjustments.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

The author argues that the economic benefits of low gasoline prices for the U.S. economy have fallen substantially since the reemergence of America as a major oil producer. The old rule-of thumb that a 10% fall in the oil price raises inflation-adjusted U.S. GDP by 0.2% is too large—the impact on economic activity should be closer to zero, and may even be negative if consumption grows slowly. The reasons for this change are straightforward, if underappreciated: (i) the value of oil production accounts for a larger share of the U.S. economy; and (ii) consumers are not spending the windfall like they used to because of higher debt levels, limited access to credit, slow wage rowth, and an older population.

Urals Oil fell to 72.18 USD/Bbl on June 23, 2025, down 0.08% from the previous day. Over the past month, Urals Oil's price has risen 25.20%, but it is still 9.56% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

Oil prices decline amid market sell-offs, US tariff measures, and geopolitical tensions. Learn about contributing factors like OPEC+ plans, China's fuel focus shift, and the strong US dollar.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-06-16 about crude, oil, Europe, commodities, and price.

The first quarter of 2025 for Crude Oil prices in the North American region experienced a decline followed by an uptrend. In January 2025 oil prices maintained an upward trajectory.

As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

Nigeria's economy was significantly impacted by the COVID-19 pandemic. Among others, oil prices experienced a sharp fall and the country lowered the daily crude oil production consistently. In January 2019, the price per barrel amounted to 57 U.S. dollars per barrel, whereas in April 2020 the price dropped by 15 dollars. Crude oil, petrol, and fuel represented Nigeria's main source of export value.

In Q1 2025, white oil prices in the North American region recorded a quarter-on-quarter decline of 8.3% compared to Q4 2024. At the start of the quarter, prices increased as Winter Storm Enzo disrupted refinery operations and port activities, tightening supply while cold weather boosted demand for skincare products. Higher crude oil prices further supported this temporary uptick, though logistical challenges and extended lead times amplified market volatility.

Sunflower Oil fell to 1,252.10 INR/10 kg on June 24, 2025, down 0.82% from the previous day. Over the past month, Sunflower Oil's price has fallen 4.21%, but it is still 34.46% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.

The North American isopentane market experienced a 13% decline in Q4 2024, driven by oversupply and falling crude oil prices, which exerted downward pressure on the market. According to the Energy Information Administration (EIA), refinery utilization rates showed a positive trend, increasing from 86.7% (week ending October 4) to 89.55% (October 18) before slightly dropping to 89.1% by October 25. These fluctuations kept isopentane production at moderate levels in October.